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NKN

NKN is a coin on the eponymous platform that offers a fully decentralized and anonymous peer-to-peer network protocol that proposes to increase efficiency, scalability, and security.

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What Is NKN?

NKN is a coin on the eponymous platform that offers a fully decentralized and anonymous peer-to-peer network protocol that proposes to increase efficiency, scalability, and security.

NKN stands for a "New kind of network" and intends to become a protocol equivalent to TCP/IP for the Internet on the blockchain. In its essence, it is an overlay that does not depend on any underlying communication protocols.

The development team mentions several problems that can be solved through the network – namely, inefficient use of bandwidth, rampant censorship by governments, and invasion of user privacy.

NKN uses its own consensus mechanism called "Proof of Relay" (PoR). PoR encourages participants to contribute to the blockchain network by sharing their connectivity and bandwidth in exchange for rewards. Mining is essentially achieved by contributing to the data transfer layer. Participants receive rewards by providing more network resources than they consume.

Pros and Cons of NKN

Advantages of NKN crypto

The NKN cryptocurrency represents the future of cryptocurrencies, due to its security, connection speed, and the great wonders of fast connectivity that it has on its website, with improvements, practically daily. Unlike other projects that use buzzwords like “innovation” to promote their projects, NKN is truly doing something remarkable in its field. It slowly but surely climbs up the ladder, currently holding a position within the 500 most popular cryptocurrencies in the world. 

Disadvantages of NKN crypto

NKN goes head to head with its alternatives like Substratum, Orchid Protocol, and Right Mesh. It also lacks proper exposure on the major exchanges and needs to work in this direction. Critics also say NKN’s marketing team needs to step up and make more effort to better explain the complex technology to the public and make it more appealing for the masses to use.

Where to Buy NKN?

The following list shows the main exchanges at which the NKN token can be traded:

  • Binance
  • Huobi Global
  • Gate.io
  • HitBTC
  • Bilaxy
  • MXC
  • Uniswap

Storing NKN: Best NKN Wallets

While it is true that hardware wallets cannot be matched in terms of security, these are some of the best options to store the NKN token online:

  • Exodus
  • Coinomi
  • MetaMask
  • TrustWallet
  • imToken
  • Neon Wallet

Conclusion

The New Kind of Network is a promising project that has great potential to become a real alternative to the current state of the Internet. Decentralization makes all the sense in the world in the crypto space. Therefore, being able to offer the network upon which all the other blockchains and platforms are developed, and where basically all the imaginable data is transferred from one place to another, seems to be very in line with what the whole crypto industry is trying to bring to the world. It certainly poses a challenge to directly compete with the telecom giants that have monopolies in the majority of markets, but it is not so much different than what Bitcoin has been doing with the entire financial system, which is admittedly a bigger opponent to defeat. Whatever the outcome might be, this is a project built with some of the best developers in the game that has plenty of room to grow their already impressive network of nodes.

Exchange NKN

This pair is not available for exchange

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